NPK Compound & Specialty Fertilizers Market Was Valued at USD 38,967.5 Million in 2021 Owing to Increased Demand for Agricultural sector

According to Precision Business Insights (PBI), the latest report the global NPK compound & specialty fertilizers market is expected to be worth USD 38,967.5 million in 2022, growing at a 2.3% CAGR from 2022 to 2028. Global NPK Compound & Specialty Fertilizers Market is segmented into the following types: By Type (Organic, Synthetic, Others), By Form (Liquid, Powder, Others), By Application (Wheat, Rice, Maize, Fruits & Vegetables, Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) Forecast to 2028. Key players' profiles in the NPK Compound & Specialty Fertilizers Market report are Yara International ASA, Euro Chem. group, Acron, Comessa, ICL fertilizer, Helena Chemical Co., IFFCO, Helm AG, Azomures, Uralchem group. The global NPK compound & specialty fertilizer market is being driven by the expansion of the agricultural sector. The innovation of new technology and higher crop yield also increases the demand for NPK fertilizers across the globe. The demand for food in major dominating regions such as North America and the Asia Pacific region has paved the way for opportunities in the growth of the NPK Fertilizers Market. The NPK fertilizer market is driven by the growth in the agriculture sector worldwide. However, the demand for fruits and vegetables later created a demand for increased cultivation.

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Powder Fertilizers Segment Dominates the NPK Compound & Specialty Fertilizers Market:
The powder Fertilizers segment is expected to account for a larger revenue share in Global NPK Compound & Specialty Fertilizers Market. Powdered NPK fertilizers (food-grade) have a longer shelf life than liquid NPK fertilizers (food-grade), and they are also easier to apply and transport. These elements influence the powder segment of NPK fertilizers (food-grade).

Asia-Pacific Leads NPK Compound & Specialty Fertilizers Market:
The Asia-Pacific NPK Compound & Specialty Fertilizers Market is expected to have the highest share of the revenue in 2021, and it is expected to grow rapidly in the following years. Furthermore, Europe is the fastest-growing market in terms of demand, adoption, and introduction of new technology.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Global NPK Compound Fertilizers market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In September 2021, Yara announced the acquisition of Ecolan Oy, a Finnish producer of recycled fertilizers. This is Yara's first acquisition in the organic fertilizer segment and reflects their commitment to play a bigger role in organic farming and in contributing to the circular economy.

Detailed Segmentation
Based on the Fertilizer, the market is segmented into the following:
• NPK Compound Fertilizers
• Water Soluble NPK Fertilizers (Fertigation Grade)
• Seaweed based Bio-stimulants
• Amino Acid-based Bio-stimulants
• Slow & Controlled Release Fertilizers
• Liquid Micronutrients Fertilizer
• Chelated Trace Elements

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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